Business, 12.01.2021 17:30 jcece9055

Rock industries allocates manufacturing overhead at a predetermined rate of 160% of direct labor cost. Any overallocated or underallocated overhead is closed to the cost of goods sold at the end of the month. Below is information on job 205 that was in process at the end of the month of October. Direct materials $4,000
Direct labor $3,000
Allocated manufacturing overhead $4,800

Jobs 206, 207, and 208 were started in November. Direct materials that were used in November were $26,000 and direct labor costs were $21,000. For the month of November, actual manufacturing overhead was $32,000. The only job still in process on the last day of November was job 104withthe following costs: $3,000 for direct materials and $1,500 for direct labor.

Required:
a. Calculate the cost of goods manufacturered for November.
b. Prepare the journal entries to record the current month activity.
c. Calculate the amount of overallocated or underallocated manufacturing overhead. Be sure to label the answer as either overallocated or underallocated.
d. Prepare the accounting entries to close the overallocated or underallocated manufacturing overhead on November 30?

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